Sonoma Brands, a private-equity investor in emerging brands led by Jon Sebastiani, has bought back the Krave brand of jerky from Hershey Co. (HSY), the group announced on Monday. Sebastiani, who started his career in the family wine business, is also founder of the Krave brand. Krave launched in 2009 and Hershey purchased it in 2015. Krave products include beef and pork jerky, pork rinds and plant-based jerky. Hershey recently reported an earnings miss ( ), and says consumers are buying fewer snacks and sweets ( ) as the coronavirus pandemic drives up unemployment. During the earnings call, Chief Executive Michelle Buck said the company seeks to divest not just the Krave brand, but also the Scharffen Berger and Dagoba chocolate brands "in order to better prioritize resources against assets that fit our business model and scale capabilities," according to a FactSet transcript. Hershey stock is up 8% for the past year while the S&P 500 index is down 4.2% for the period.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2020 13:11 ET (17:11 GMT)
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